Debt

The possibility of the French settling their U. S. War debt of some $4,000,000,000 again crossed the vision as a possibility.

Finance Minister Joseph Caillaux was reported to have said to U. S. Ambassador Myron T. Herrick that the French Government might be able to pay the U. S. Government $100,000,000 a year, provided that such payment was understood to depend on French receipts from Germany under the operation of the Experts' Plan, without which France would not be in a position to pay anything. This suggestion (not to be regarded as an offer) was forwarded to Washington and a reply was anxiously awaited. It was understood, however, that any definite action would follow only on the settlement of France's War debt to Britain, shortly expected.

Meantime, the critics got busy. It was pointed out that $100,000,000 was only 2 1/2% interest on the debt and that there had been no suggestion as to the rate at which France proposes to refund the debt after the expiration of a five-year moratorium which, it was understood, she would demand.